In 1996, Congress passed the Credit Repair Organizations Act. Credit repair companies try to get negative information removed from your credit report, which should increase your credit score. The Act protects consumers in the following ways: · The credit repair companies cannot misrepresent their services · The company has to have a written contract with […]

What does your credit score need to be to buy a home? If your credit score is below 650, you may have trouble getting a loan. Your best interest rate is going to be if your credit score is 750 or higher. If your credit score is below 650 and you eventually want to buy […]

The equity in your house is the difference between the market value of your home and the amount you still owe on the home. As you keep paying on your mortgage, your equity increases. If you sell your house in the first few years after you buy it, you may not have any equity in […]

You can benefit from hiring a credit repair company to fix your credit score. Having a higher credit score can help you get a lower interest rate on mortgages and loans. This can make the cost of credit repair worth it. The credit repair company should gather your information, send out letters and do follow-up. […]

If you have had identity theft, you may want to do a credit freeze. But be careful because if you will be applying for a loan soon, the credit freeze will create obstacles. To do a credit freeze: 1. Contact each credit bureau separately and request a credit freeze. 2. You must contact each credit […]

In its 2016 report, the Consumer Financial Protection Bureau listed complaints it received from consumers about student loans. About 2/3 of the complaints were related to the lender or servicer: making payments, getting information about the loan, managing the account. Borrowers complained that their payments were misapplied and that there was inaccurate accounting of their […]

A FICO ® Score is a credit score that is created by the Fair Isaac Corporation. The credit score is based only on items in your credit report. The FICO ® score does not consider: your race, marital status, age, your salary, occupation, where you live. Most lenders will use your FICO ® Score when […]

If you have been asked to co-sign on a loan, there are things to think about. How well do you know this person and why are you co-signing? If you are a parent co-signing for your child’s car or student loan, you may feel like it is for the right reasons. You are trying to […]

The Truth in Lending Act (TILA) protects you from inaccurate and unfair credit card and other lending practices. Under TILA, you have a 3 day right of rescission, so you can back out of your agreement within 3 days. The TILA also has rules related to mortgages and student loans.

What is a credit score? A credit score is a number that will predict your payment behavior when you use credit. Banks, car loan companies, mortgage companies and other lenders use this number when they decide if they will give you a loan. There is no one method of coming up with your credit score. […]